Austria

Member since 1990

Since the assessment of the effectiveness of Austria's measures to combat money laundering and terrorist financing, the country has been in an enhanced follow-up process.  The country reported back to the FATF in 2017 and 2018 on the actions it had taken to strengthen its AML/CFT framework.  As a result, the FATF rerated the country on several of the 40 Recommendations.  

Today, the country is compliant with 18 Recommendations, largely compliant with another 18 Recommendations, but remains partially compliant with 4 Recommendations. 

Austria’s progress in strengthening measures to tackle money laundering and terrorist financing

21 Nov 2018

This report analyses Austria's progress in addressing the technical compliance deficiencies identified in the 2017 FATF assessment of the country's measures to combat money laundering and terrorist financing. The report also looks at whether Austria has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2017 mutual evaluation.

Austria Follow-Up Report - 2017

Technical compliance
Title
Austria Follow-Up Report- 2017
Assessment body/bodies
FATF
Report type
FURs
Country
Austria
Evaluation date
2017-12-15 00:00
IO1
ME
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
LE
IO7
LE
IO8
ME
IO9
SE
IO10
ME
IO11
SE
R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
C
R.15 - New technologies
C
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
PC
R.25 - Transparency and beneficial ownership of legal arrangements
PC
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
PC
R.34 - Guidance and feedback
LC
R.35- Sanctions
C
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

In 2016, the FATF assessed the effectiveness of Austria's measures to combat money laundering and terrorist financing, and their compliance with FATF Recommendation.  The report concluded that Austria has an overall sound legal and institutional anti-money laundering and counter-terrorist financing (AML/CFT) framework, but improvements are still needed in national policy coordination, assessment of risk, and targeted financial sanctions. Austria also needs to improve its effectiveness in applying these and a range of other measures,  

Following this mutual evaluation, Austria is in an enhanced follow-up process and must report back regularly about the progress it has made in addressing the techical compliance deficiencies and may rerate the country to reflect this progress.   However, this follow-up process does not focus on effectiveness. The effectiveness of Austria's actions to combat money laundering and terrorist financing will be assessed in the 5th round of mutual evaluations. 

Ratings

Technical Compliance

Ratings which reflect the extent to which a country has implemented the technical requirements of the FATF Recommendations.

Austria Follow-Up Report - 2018

R.1 - Assessing risk & applying risk-based approach
LC
R.2 - National cooperation and coordination
LC
R.3 - Money laundering offence
LC
R.4 - Confiscation and provisional measures
C
R.5 - Terrorist financing offence
C
R.6 - Targeted financial sanctions related to terrorism & terrorist financing
PC
R.7 - Targeted financial sanctions related to proliferation
PC
R.8 - Non-profit organisations
PC
R.9 - Financial institution secrecy laws
C
R.10 - Customer due diligence
C
R.11 - Record keeping
C
R.12 - Politically exposed persons
C
R.13 - Correspondent banking
LC
R.14 - Money or value transfer services
C
R.15 - New technologies
C
R.16 - Wire transfers
C
R.17 - Reliance on third parties
LC
R.18 - Internal controls and foreign branches and subsidiaries
C
R.19 - Higher-risk countries
C
R.20 - Reporting of suspicious transactions
C
R.21 - Tipping-off and confidentiality
C
R.22 - DNFBPs: Customer due diligence
LC
R.23 - DNFBPs: Other measures
LC
R.24 - Transparency and beneficial ownership of legal persons
LC
R.25 - Transparency and beneficial ownership of legal arrangements
LC
R.26 - Regulation and supervision of financial institutions
C
R.27 - Powers of supervisors
C
R.28 - Regulation and supervision of DNFBPs
LC
R.29 - Financial intelligence units
LC
R.30 - Responsibilities of law enforcement and investigative authorities
C
R.31 - Powers of law enforcement and investigative authorities
LC
R.32 - Cash couriers
LC
R.33 - Statistics
PC
R.34 - Guidance and feedback
LC
R.35- Sanctions
C
R.36 - International instruments
LC
R.37 - Mutual legal assistance
LC
R.38 - Mutual legal assistance: freezing and confiscation
LC
R.39 - Extradition
C
R.40 - Other forms of international cooperation
LC

C = compliant   |   LC = largely compliant     |   PC = partially compliant   |   NC = non-compliant

Effectiveness

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Ratings that reflect the extent to which a country's measures are effective. The assessment is conducted on the basis of 11 immediate outcomes, which represent key goals that an effective AML/CFT system should achieve.

Austria Follow-Up Report - 2017

IO1
ME
IO2
SE
IO3
ME
IO4
ME
IO5
ME
IO6
LE
IO7
LE
IO8
ME
IO9
SE
IO10
ME
IO11
SE

HE = high level of effectiveness   |   SE = substantial level of effectiveness    |   ME = moderate level of effectiveness   |   LE = low level of effectiveness

Other related content 

  • 21 Nov 2018

    Austria’s progress in strengthening measures to tackle money laundering and terrorist financing This report analyses Austria's progress in addressing the technical compliance deficiencies identified in the 2017 FATF assessment of the country's measures to combat money laundering and terrorist financing. The report also looks at whether Austria has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2017 mutual evaluation.
  • 19 Oct 2018

    Outcomes FATF Plenary, 17-19 October 2018 Under the Presidency of Mr. Billingslea of the United States, delegates discussed among other issues: combating the financing of terrorism, the Mutual Evaluation of Israel and the United Kingdom, regulation of virtual assets.
  • 14 Dec 2017

    Austria’s progress in strengthening measures to tackle money laundering and terrorist financing This report analyses Austria’s progress in addressing the technical compliance deficiencies identified in the FATF assessment of their measures to combat money laundering and terrorist financing of September 2016. The report also looks at whether Austria has implemented new measures to meet the requirements of FATF Recommendations that changed since the 2016 mutual evaluation.
  • 4 Nov 2017

    Outcomes Joint FATF/GAFILAT Plenary, 1-3 November 2017 Delegates discussed counter-terrorist financing, financial inclusion, information sharing and measures to combat money laundering and the financing of terrorism and proliferation in Portugal and Mexico. They also discussed the follow-up report for Austria, issued a statement on Brazil, discussed AML/CFT improvements in Uganda and issued a statement on DPRK.
  • 13 Sep 2016

    Austria's measures to combat money laundering and terrorist financing Austria has an overall sound legal and institutional anti-money laundering and counter-terrorist financing framework, but improvements are still needed in national policy coordination, assessment of risk, and targeted financial sanctions. Austria also needs to improve its effectiveness in applying these and a range of other measures.
  • 27 Jun 2016

    Outcomes of the Plenary meeting of the FATF, Busan Korea, 22–24 June 2016 Delegates discussed improving transparency and beneficial ownership, and the global response to terrorist financing. The FATF adopted a new Standard for non-profit organisations, issued a statement on Iran and discussed the mutual evaluation reports of Austria, Canada and Singapore. During the list meeting under the Korean Presidency, delegates also heard an update of AML/CFT improvements in Myanmar and Papua New Guinea.
  • 14 Feb 2014

    Mutual Evaluation of Austria: 3rd Follow-up Report In February 2014, the FATF recognised that Austria had made significant progress in addressing deficiencies identified in the June 2009 mutual evaluation report and decided that the country should be removed from the regular follow-up process. This follow-up report provides an overview of the main changes made to the AML/CFT system in the Austria since the 2009 mutual evaluation.
  • 14 Feb 2014

    Outcomes from the meeting of the FATF Plenary, Paris 12-14 February 2014 The FATF Plenary updated its statements identifying high-risk and non-cooperative jurisdictions. The Plenary adopted the follow-up reports to the mutual evaluations of Aruba Kingdom of the Netherlands, Austria, Canada, Luxembourg, Mexico and the Netherlands and reviewed the voluntary tax compliance programmes in several jurisdictions.
  • 26 Jun 2009

    Mutual Evaluation of Austria The assessment of the implementation of anti-money laundering and counter-terrorist financing (AML/CFT standards in Austria was conducted by a team of assessors composed of staff of the International Monetary Fund IMF and one expert acting under the supervision of the IMF.